https://www.taxtmi.com/caselaws?id=296808 Share-capital consolidation was treated as permissible where authorised by the articles of association and the Companies Act, 1956, and approved through a special resolution. The High Court upheld the consolidation and the amended article governing it, finding that the statutory power to consolidate shares into larger denominations also supported arrangements for fractional entitlements. Allegations that the measure was designed to force out minority shareholders failed for lack of supporting material; majority approval and a just and equitable exit offer weighed against oppression. The appeal was dismissed, and the consolidation, amended article, and procedure for acquiring fractional shares remained valid. en-us Tue, 03 Dec 2013 00:00:00 +0530 Sat, 07 Aug 2021 14:33:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296808 Share-capital consolidation was treated as permissible where authorised by the articles of association and the Companies Act, 1956, and approved through a special resolution. The High Court upheld the consolidation and the amended article governing it, finding that the statutory power to consolidate shares into larger denominations also supported arrangements for fractional entitlements. Allegations that the measure was designed to force out minority shareholders failed for lack of supporting material; majority approval and a just and equitable exit offer weighed against oppression. The appeal was dismissed, and the consolidation, amended article, and procedure for acquiring fractional shares remained valid. Case-Laws Companies Law Tue, 03 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296808